A pensioner who exploited his position as a trusted financial adviser to steal nearly £2 million from 36 victims including a charity, his neighbours and his own clients has been jailed for 11 years.
Timothy Paul Barnes, 68, from Droitwich, Worcestershire, systematically defrauded those around him over an 18-month period by approaching them with a consistent lie — that he needed a short-term loan to cover a payment related to an inheritance or divorce, and would repay the money within days. Instead, he invested the stolen funds in cryptocurrency.
Barnes exploited his professional knowledge to identify wealthy clients and target them for larger sums. In total he defrauded 34 individuals and organisations of £1,754,737 in fake “loans.” He also stole £206,500 from a charitable trust he chaired, deceiving trustees into believing the money was being used for the charity’s purposes, and took £1,245 from a residents’ association at the estate where he lived by transferring it into his own account. By May 2023 his total theft had reached £1,962,481.68, according to West Mercia Police.
Barnes was arrested on suspicion of fraud and money laundering on 19 December 2023. He was sentenced to 11 years at Worcester Crown Court on Friday 19 June after pleading guilty to 34 counts of fraud by false representation and related offences.
Detective Sergeant Bev Hamilton, from West Mercia Police’s Economic Crime Unit, said: “Over an 18-month period, Barnes had stolen nearly £2million from a total of 36 individuals and organisations alike, causing significant harm across both his personal and professional circles. I welcome the custodial sentence handed to Barnes who abused his position of trust as a financial adviser, charitable trust chair and a neighbour and friend to many. The actions of criminals like Barnes can have a big impact on the lives, businesses, and communities of those they prey upon.”
Anyone who has been a victim of fraud can contact the national reporting centre Report Fraud on 0300 123 2040.
